Uncloak ICO Review – A Blockchain Solution To Combat Cyber Security

Uncloak is all about providing a lasting solution on the problems of cyber threats.

It utilizes blockchain technology to enable businesses to monitor and protect themselves from the dangers of hacking.

To achieve this, Uncloak uses advanced artificial intelligence to help monitor both public and hidden internet data, eliminating every trace of cyber threats.

Now thanks to blockchain technology, IT security experts globally will also be able to collaborate through the platform in a bid to help resolve any vulnerability and get rewarded through an automated system.

The company began its Pre-ICO on May 25, 2018 and closed it on June 26, 2018. However, they intend to kick start their main token sale on September 25,2018, which will run through October 2, 2018 or until the supply lasts.

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The team of advisors, on the other hand, comprises of 6 members – two cyber security advisors (Hugh Chambers and Sven Radavics), two AI and blochain advisors (Asad Mahmood and Steve Godman), and two strategic business/investment advisors (Mark Kreitzman and Tan Tran).

How The Token Works

Uncloak introduces two types of tokens: UNC and UCC tokens.

The UNC token is based on the Ethereum ERC-20 format whereas the UCC token is based on the EOS format.

UNC token utilizes the industry standard format as the majority of the tokens out there are ERC-20s. Its main use is for external trading, but proves more costly when you transact with lower speeds.

Those who acquire this token can choose to trade it on exchanges or subscribe or purchase products on the Uncloak platform.

The UCC token, on the other hand, is mainly used internally on the platform for rewarding validators/hunters that find vulnerabilities.

Unlike the UNC token, this one offers low latency transactions and multiple threading.

Those who earn this token for either validating or finding new cyber vulnerabilities can convert their rewards into UNC tokens which are tradable and send them directly to their cryptocurrency wallet.

Uncloak plans sell 50% of its total token supply to allow for commercializing and development of its cyber threat management product.

15% of the tokens will be set aside for early backers, advisors and equity investors; 15% for the founding team; 10% retained for bug bounty program; and 10% for developer fund.

What Do Investors Gain

If Uncloak succeeds to bring its product into full completion, then there’s no doubt it will be one-a-kind in the cyber security field, making it a project worth paying attention to.

If that happens then the value of UNC would rise significantly, providing probable gains to investors holding the tokens.

With the way Uncloak's platform is designed to offer rewards in terms of UCC tokens to those who find vulnerabilities, it will also give security experts a chance to earn some tokens for their contribution, something that will also help grow the popularity of the platform.

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Opportunities & Risks

Cyber security threats are on the rise, especially with the emergence of cryptocurrencies.

We have seen major cryptocurrency exchanges as well as other big companies suffering security breaches in the last few years.

This has not only caused serious reputational damage but also financial damage.

The increased need to have a system to monitor cyber threats has seen many companies come up with software and applications to make cyber security a reality.

Although a few have dared to leverage blockchain technology to build systems that reward users and work on an automated system, it’s likely that top cyber security firms will finally come onboard, offering Uncloak tougher competition.

But with the current system that the company intends to release, according to the White Paper, it's still a positive project to keep an eye on.

Final Thoughts

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Every company that operates on the internet is highly exposed to many cyber threats because of the changing nature of attacks.

In order to them to remain secure, they have no other option than seek security expertise.

This makes Uncloak more relevant than ever.

The company does not only intend to create a cyber-threat detection system to help with monitoring and elimination of cyber threats, but it also leverages on the blockchain and smart contracts to make it completely automated and help security experts earn from their contribution.

The idea is brilliant as per the whitepaper and the team is experienced. But as is the case with other ICOs, you can never be sure of any project’s success, so what’s left is to see if they persevere to hit their targets.

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